GSM-v: Gold Summit, (nevada) dreams of new Comstock - $600 Billion?

[jaguar2001]

Am drawing attention to this company by re-posting selected historical posts that myself and other have posted elsewhere.

 

After that will wait and see if there is any interest...

 

jaguar2001

 

PS Drilling in the fall mentioned below was not successful (this time)

 

---------------------------------------------------------

 

Could Gold Summit GSM, on the TSX-V, market cap $5m have new Comstock - $600 Billion?

 

The Comstock Lode was the first major U.S. deposit of silver ore, discovered under what is now Virginia City, Nevada on the eastern slope of Mt. Davidson, a peak in the Virginia range. After the discovery was made public in 1859, prospectors rushed to the area and scrambled to stake their claims. Mining camps soon thrived in the vicinity, which became bustling centers of fabulous wealth.

 

Between 1859 and 1878, it yielded $400 million in silver and gold, equivalent to approximately $500-600 billion dollars in 2005, as a relative share of Gross Domestic Product (GDP).

 

http://en.wikipedia.org/wiki/Comstock_Lode

 

According to their most recent corporate presentation, GSM feel that Monte Christo, which they will drill again, in the Fall - has similarities to the Comstock lode.

 

Already, according to Minesite "A 43-101 compliant resource of 365,000 tonnes at 5.7 g/t gold has been estimated at the McLean Lode and field mapping and compilation is complete along the whole 11 kms belt of alteration and major faulting running through the heart of the property. Eleven targets are now ready for drilling this year and there should be no trouble over permitting"

 

http://www.goldsummitcorp.com

 

[jaguar2001]

[jaguar2001]

This was the earlier placement that I got my rather large holding, complete with warrants which I love!

 

jaguar2001

 

 

GOLD SUMMIT CORPORATION COMPLETES $733,620 PRIVATE PLACEMENT

 

 

Reno, NV August 16, 2007

 

FSC / Press Release

 

 

GOLD SUMMIT CORPORATION COMPLETES $733,620 PRIVATE PLACEMENT

 

Reno, Nevada US, August 16, 2007 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), ("GSM") announces that it has closed a $733,620 non-brokered private placement. Under amended terms the offering consists of Units offered at $0.125 per Unit. Each Unit consists of one common share and one warrant. Each warrant is exercisable to acquire one common share of GSM for twenty-four months at a price of $0.25 per share. GSM issued 5,868,960 Units for gross proceeds of $733,620. The common shares and warrants comprising the Units and the common shares issuable on the exercise of the warrants will be subject to resale restrictions until December 17, 2007. Finders' fees were paid on part of this financing. GSM will use the proceeds to fund a new phase of drilling on its Monte Cristo property in Nevada and for general working capital purposes.

 

GSM also announces it intends to raise up to $466,380 in a further non-brokered private placement by issuing up to 3,731,040 Units at a price of $0.125 per Unit. Each Unit will consist of one common share and one warrant. Each warrant will be exercisable to acquire one common share of GSM for twenty-four months at a price of $0.25 per share.

 

The private placement is subject to the approval of the TSX Venture Exchange.

 

For further information, contact Hillary Vonich at (775) 284-7200 or visit our web site at www.goldsummitcorp.com.

[jaguar2001]

Promotion Begins - Hume Report

 

Looks like GSM are getting ready to tell the world what they have!

 

Just released but not yet on the www.hume-media.com website.

 

Tony Taylor - "We have reason to believe that results from our current drill targets in Nevada — a wholly owned property for Gold Summit — will be positive, and the resulting economics from our work there will be very pleasing indeed for our shareholders.”

 

[jaguar2001]

old post from tooclassy commenting on my (smilewithme) comarison with another company:

 

RE: comparison of Gold Summit with Piedmont Mining

 

It is nice to see these microcap juniors doing well. When money flows into this sector, these exploration companies with tiny market caps but excellent pedigrees and properties in good locations will rise the most in percentage terms. The stock is rising on not much volume (when measured in dollars of stock bought). If - I should say when - gold goes to $850 or $1,000, imagine how far these companies can fly. The leverage to gold is tremendous.

 

Smilewithme, the comparison with Piedmont Mining (OTC: PIED) is a good one. Piedmont has a similar tiny market cap as Gold Summit (GSM) does. Like GSM it has stellar geological talent behind it. Also, PIED is focused only on Nevada with about 7 exploration projects there, 3 of which are starting drill programs in the next week or two. Nevada is the place to be, a safe mine-friendly jurisdiction with over twice the gold production per square mile as South Africa. I have watched Piedmont go from 7 cents to 37 cents (yesterday's close) in the last 3 years. GSM is at about the same stage now as Piedmont. GSM is focused primarily (though not exclusively) on Nevada, and is drilling now. It owns its Monte Christo project 100% as far as I know (no JV partner) and has a lower market cap. With excellent drill results this stock could be $.50 or $1.00; with $850-1,000 gold it could be $2.00. We have to let the drill rig and the passage of time tell the story further.

[jaguar2001]

Hi,

 

This was a reply that I posted elsewhere but felt it may be useful here also to clarify just why this is exciting.

 

Smilewithme

 

----------------------------------------------------

 

Thanks for the opportunity to help here.

 

It is not Monte Christo itself that has the inferred resource but only a small part of it.

 

“west of the <b>Mclean Pit</B>...........has an inferred resource estimate of 365,000 tons at a grade pf 0.19 ounce per ton gold and .60 ounce per ton silver at a cut off grade of0.1 ounce per ton gold”

 

And yes that is 70,000 ozs Gold and 200,000 ozs. silver. (Although a small resource, I don't know of any other mining juniors with a 43-101 and such a small market cap around $7 million)

 

Further drilling, in May, was not successul at the McLean Lode, so GSM decided to look elsewhere.

 

Since you said “I don't see much in the way of head way here. Am I wrong?”

 

Well, suggest you also consider, from the same report.

 

“Compilation and integration of Gold Summit's 2006 field mapping and data from old exploration programmes conducted by previous explorers is now virtually complete. The process has defined 11 target areas, <b> apart from the McLean Lode</b> along the 11km of alteration and major faulting that bisects the property”

 

These are called Bonanza Drill Targets, by CEO Tony Taylor. "The McLean Lode and Ohio Camp, as well as 12 other drill target areas, sit astride a major regional fault with associated alteration that GSM has mapped for over 11 km, all contained within the Monte Cristo project area. The geological setting of the Monte Cristo district bears striking geological similarities to the Comstock Lode from which a series of “ore shoots” collectively produced approximately <b>8 million ozs of gold and 185 million ozs of silver</b>. The fault or “lode” that hosts the ore shoots of the Comstock extends for approximately 4.5 km"

 

Suggest you take a look at

http://www.goldsummitcorp.com/properties/n...a/monte_cristo/ where you will find more information including property map.

 

Unlike you, I do see a lot of excitement here for all the reasons explained earlier in the thread - and that's why as a newcomer, I have made a major investment in the recent placement at 12.5 cents. (And the market does appear to be wakening up to the possibilities here - share price now at 17.5 cents, having broken out, up 35% in two months)

 

Even apart from Monte Christo, there seems to be a lot happening in the Carolina's with their JV partner - Astral Mining. "potential exists for extensions down-dip and along strike to the northwest. Geological observations so far confirm the “greenstone” lode gold model with potential for a <b>stand-alone, high grade, underground deposit."</b>

 

http://www.goldsummitcorp.com/news/2007/in...;content_id=113

 

 

In conclusion, this is still exploration with associated risk - I see little downside and massive upside. Elsewhere someone has suggested that if this is actually the new Comstock, we could see $10/ share!

 

For the immediate future however, it will take very little to get this from .17 to .25 cents - a doubler for me already. And am in this for the long term anyway....

 

smilewithme

 

PS. If you take a look at the slide above as annotated by myself above you will understand how big this could be. Original is at http://www.goldsummitcorp.com/inSitePresent/

[jaguar2001]

from dfergu7477

 

Hi, All,

 

I like and own GSM, too. I think it has some unusual things going on that make it a bit different. First, it has a JV in the Carolinas that is producing high-grade drill results so far. That, by itself, is significant and in my mind should alone be worth more than GSM's current fully diluted market cap of around a silly $12M.

 

Also, GSM has some 43-101 compliant resources. I'm unaware of any other junior exploration company that has any. I know it's a small resource (69,000 ozs. gold; 200,000 ozs. silver), but I’m unaware of any junior exploration company that has ANY. That GSM has that JV and a 43-101 resource constitutes a security blanket for me. With them, it's not an all or nothing company--because GSM already has something.

 

Then, there's the wild card of this fall's Monte Cristo drilling. We know they'll find SOMETHING, because they're drilling some holes in places where other outfits found gold. If GSM finds what they think they will, it's a moon shot for us.

 

That's how I see this play. The downside is already here; I don't think there a lot to lose here with the assets already in hand—they remove a lot of the usual risk associated with junior explorers. Conversely, the upside is tremendous if they find some high-grade shoots. Investors will begin to comprehend what GSM could have--a high-grade mine that is more than twice the size of the Comstock lode (that itself produced 8M ozs. of gold and 185M ozs. of silver.)

 

At that point, no one knows how high the stock would go. I know it sounds crazy, but GSM's market cap with the stock at $10 would still be under a billion dollars. (It'd be about $750M.) And, if Monte Cristo truly is another Comstock but more than twice as large, then even $10 a share would be light.

 

I'm not saying this WILL happen, only that it could. Given GSM’s known downside cushion and unknown potential, I'm in.

 

GLTA!

[jaguar2001]

GSM have started drilling at Monte Christo. Lets hope the results help them with some more fund raising - at much higher than recent 12.5 cents. Understand that the company is currently over in Europe .....

 

Potential "eight million ounces" ? - if they find that well.....:-)

 

smilewithme

 

Objective Capital

 

"Our view is that Gold Summit has opted to proceed with RC drilling in the absence of an available core rig to avoid further delays and to make progress towards increasing the resource. The current NI 43-101 compliant resource over the McLean Lode is an estimated 69,000 ounces of gold, averaging 6.5 grams per tonne. Gold Summit believes there are several such lodes in the Monte Cristo district and that there is the potential for a Comstock Lode style deposit to exist. The company has identified a dozen more drill targets within the Monte Cristo project area, where initial outcrop sampling or drilling has encountered high-grade mineralisation. To prove up a resource on the scale of the Comstock Lode (approximately eight million ounces) will require a few thousand metres of drilling over each of these targets.

 

This year, progress at Monte Cristo has been slow-moving, largely due to lack of funding. Meanwhile, work on one of the company’s other projects, the Saluda project in the Carolina slate belt is progressing with JV partner Astral Mining. Gold Summit may do well to find a similar way to inject some funds into the Monte Cristo project if they hope to find the next Comstock."

 

http://www.objectivecapital.co.uk/c/ocuk/a...201.asp?oid=MA4

[jaguar2001]

And this was the news that they did not find the vein they were looking for:

 

 

GOLD SUMMIT REPORTS GOLD INTERSECTIONS AT MONTE CRISTO AND A NEW GOLD TARGET IN THE CAROLINAS

 

13:05 EST Wednesday, November 14, 2007

 

FSC / Press Release

 

GOLD SUMMIT REPORTS GOLD INTERSECTIONS AT MONTE CRISTO AND A NEW GOLD TARGET IN THE CAROLINAS

 

Reno, Nevada US, November 14, 2007 /FSC/ - Gold Summit Corporation (GSM - TSX Venture), announces that it intersected a broad zone of gold mineralization in one out of three holes recently completed in the Ohio Camp area on the Monte Cristo property in the Walker Lane province in western Nevada. A total of 1075m of RC drilling in three holes tested a 200 metre strike length. The holes, angled and drilled from west to east, were located to test for deeper and higher grade extensions to mineralization previously intersected by Atlas, as well as an untested outcropping quartz vein and soil anomaly.

 

Gold mineralization, associated with alteration and quartz vein stringers, was intersected in two out of the three holes. Hole 2 intersected an extensive mineralized interval 44m wide down hole at 36m that assays 0.3 g/t gold, including 12m interval of 0.5 g/t gold. In Hole 3 three separate 7 m intervals assayed 0.2 g/t gold and one 1.5m interval assayed 1.0 g/t gold. The results extend the Atlas zone an additional 150 metres along strike to the south. Dr A.P.Taylor, President and CEO said: "this is a test of one small area in one of the many excellent targets we have in the 11 km Monte Cristo district and, in this case, the gold is widely dispersed in host volcanics and not concentrated into a dominant vein."

 

With approval of the Plan of Operations permit for the northern half of the Monte Cristo belt imminent, GSM is now concentrating efforts to target new drill sites within and around the McLean Lode. This, to explore for extensions under cover believed to be displaced by cross faulting. As part of this process, a new interpretation of the 3D geological model, surrounding the 43-101 compliant resource of 331,000 tons at 6.5 g/t gold, is being constructed. Drilling is planned early in 2008.

 

One striking, newly recognised, target lies under alluvial cover NW of the McLean Pit is a 400 m by 100m gold anomaly, derived from a GSM survey sampling desert bushes. The plants, commonly named greasewood, draw water and metals, including gold, from depths up to 70m. "The size and strength of this biogeochemical anomaly make it the best ever seen in Nevada" according to Shea Clark Smith, Consultant Geochemist and a pioneer in the development of this technique. Highest values are 66 ppb for gold and 234 ppb for silver against backgrounds of 2 ppb and 5 ppb, respectively.

 

The biogeochemical anomaly partly overlaps a resistivity high, approximately 700m long, striking NNW. The southern end is displaced west from the strong resistivity high that characterises the McLean Lode itself (resistivity highs reflect the massive alunite- adularia-quartz alteration that carries the gold and silver of the McLean Lode). The resistivity data were collected by Cyprus in 1988 and recently reinterpreted on behalf of GSM by Zonge Geosciences.

In North Carolina, GSM consultants have defined a large gold anomaly in soils and rock chips along an ENE striking zone approximately 400 metres long and 100 metres wide in the Bear Creek area. Rock chip values are mostly in the range between 0.5 and 0.8 g/t gold with one siliceous sample assaying 6 g/t gold. Soil values range between 0.05 and 0.2 g/t gold. The anomaly represents a new drill target. The project is part of a joint venture with Astral Mining Company.

 

Additional core samples of quartz-clay rich zones from Hole 6 of the series drilled earlier this year in the Saluda Area, South Carolina, assayed 1.8 g/t gold over a 1.5 m interval. It represents a strike extension of the high grade gold intersections reported previously. These data have aided construction of a 3D computer model that suggests the presence of two sets of sub-parallel quartz veining dipping at shallow angles to the west. A new core drilling programme to follow these veins has been proposed to JV partners, Astral Mining Company and a bid from a contractor obtained. The scope and timing is still to be decided.

 

GSM explores only in the United States for high grade, gold or gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada, three of which lie in the Walker Lane. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. A fifth property is a sedimentary hosted target located north of the Reese River silver district in central Nevada

 

All biogeochemical samples mentioned in this release were collected and prepared by Shea Clark Smith, Consultant Geochemist and assayed by Acme Analytical Labs, Vancouver, BC.

 

In conjunction with JV partner Astral Mining Company, GSM is also exploring greenstone vein gold systems in island arc rocks on two areas of the Carolina Slate belt, the location of the first gold deposits discovered in the United States. Ronald McDaniel, registered professional geologist in the State of North Carolina is designated as the Qualified Person supervising Gold Summit's technical work in the eastern United States.

 

The private placement is subject to the approval of the TSX Venture Exchange.

 

For further information, contact Hillary Vonich at (775) 284-7200 or visit our web site at www.goldsummitcorp.com.

 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.

 

Shares Outstanding 51,361,761

[jaguar2001]

From Stockhouse post dfergu7477

 

 

I believe Tony and Ruth are doing the right thing by focusing on the area NW of the McLean pit. We already have a gold resource right there, and given the biochemical anomalies and resistivity highs just north of the pit, it's probably a good place to drill.

 

I recently came back from spending a full day in the field with Tony and Ruth at Monte Cristo and have a lot of thoughts I'll post on that trip, here. Still collecting them!...

 

The bottom line, though... I am glad I participated in the recent private placement. I don't know when it'll all break, but Monte Cristo is a terrific property. It's so big it's hard to attack, piecemeal. By now going into an area adjacent to the McLean lode itself, I think the odds are increased that they'll find some of these dang epitermal veins.

 

If you could see all the old workings all around the area where they'll drill next (holes in hills, and holes down into the ground with wood workings on top), you'd think that area has a ton of potential. Heck, they assayed the dump sites from one of these old workings (at least, they think it was a dump site--big quartz rocks piled up next to the hole going into the ground), and it came back with 13g/tonne of gold. When I heard that, I wanted to jump right down the hole, myself!

 

Again, more to follow. The trip is still swirling around me and it's hard to pick any one thing.

 

Long and strong! GLTA!

[jaguar2001]

And from UK Chris at Stockhouse

 

"One striking, newly recognised, target lies under alluvial cover NW of the McLean Pit is a 400 m by 100m gold anomaly, derived from a GSM survey sampling desert bushes. The plants, commonly named greasewood, draw water and metals, including gold, from depths up to 70m. "The size and strength of this biogeochemical anomaly make it the best ever seen in Nevada" according to Shea Clark Smith, Consultant Geochemist and a pioneer in the development of this technique. Highest values are 66 ppb for gold and 234 ppb for silver against backgrounds of 2 ppb and 5 ppb, respectively."

 

Does anybody know what it actually means?

 

What does this mean?

 

Here's a comment from another board:

 

"Good to see they are using low cost biogeochemistry (BGC) as a reconnisance tool.

 

MAG found the Juancipico jackpot using the same technique in combination with an induced polarization (IP) geophysical survey.

 

GSM is looking for narrow veins, so BGC may lend itself to this task. Overburden soil geochem can yield indistinct values as a result of "smearing" of the alluvial sediment train. BGC is more focused....I'm well acquainted with these desert plants as they grow on my property in New Mexico.

 

Plants such as mesquite and creosote bush can send roots down close to a hundred meters, depending on local soil conditions and depth to the water table. Dorinho and I have done quite a bit of research on this subject, including discussions with Dr. Colin Dunn, retired from the Can Geo Survey, and an expert on BGC. FYI, greasewood and creosote bush are the same plant, just a variation in local place names... "

[jaguar2001]

And again from Stockhouse dfergu:

 

ukchris, I believe you asked what this means:

 

"'The size and strength of this biogeochemical anomaly make it the best ever seen in Nevada' according to Shea Clark Smith, Consultant Geochemist and a pioneer in the development of this technique."

 

 

--------------------------------------------------------------------------------

 

What it means is that gold and silver are present in the soil, and that some greasewood plants themselves contain relatively significant quantities of gold and silver. They can be a strong indicator of what's below.

 

 

 

What's most significant is that the Geochemist who sampled the Monte Cristo plants--and who does this for a living--says the levels of precious metal in the greasewood plants at Monte Cristo are the HIGHEST HE HAS EVER SEEN.

 

 

 

So, unless the soil moved to the site from somewhere else (where it could have picked up the gold and silver), this may indicate that high levels of precious metal are present below.

 

That the site for the readings of these plants is adjacent to the McLean Lode; that it also overlaps a resistivity high about 700m long similar to the McLean Lode; and, that there are prior, old, small workings in the area (one of which had rocks piled next to it that tested at 13g/tonne of gold) apparently interests GSM enough that they think it's a good place to drill.

 

It's a combination of science and detective work. You have to piece together clues as best you can, select sites to drill where you think you have the best shot to hit a vein, and hope your clues lead to finding gold. Educated guesses are made.

 

The veins are hard to find. Look at the Midas mine in Nevada, for example; they didn't hit a vein that lead to a mine until their 38th hole. And, by the time Newmont is done with that mine, it may produce 6 million ounces of gold.

 

When GSM hits a vein in this area, it'll indicate where the strike is and lead to an expansion of the resource. This, in turn, will lead to a higher stock price, which makes raising funds, easier. That then leads to more resource definition and the ability to drill new areas of the property, which should lead again to a higher stock price... You get the idea--a virtuous cycle.

 

All they need is ONE good hole and we're headed to the promised land. GSM has terrific properties; the company will be on its way. Greasewood plants and biogeochemistry may lead us there.

[jaguar2001]

This looks interesting. GSM on TSX-V are doing their best to help shareholder value.....

 

GOLD SUMMIT OPTIONS BURNING LAKE NICKEL-COPPER PROSPECT IN

ONTARIO

 

Gold Summit Corporation (“GSM”) TSX-V GSM announces that it has entered into an option agreement to acquire a 100% interest in a group of 16 claim units (640 acres)covering an area with exposed nickel-copper gossans in mafic and gabbroic rocks in Satterley Township, near Dryden, Ontario. An additional 32 units were subsequently staked.

 

Nickel and copper bearing gossans (oxidised sulphides) are exposed in logging roads and samples from one, collected by a prospector in 1997, assayed between 0.21 and 1.05 % nickel and 0.36 and 1.25% copper. These were confirmed by Falconbridge sampling in 1998 that yielded values between 0.52 and 1.9% copper and between 0.88 and 1.74% nickel. Under option, Falconbridge completed a geological map of the property together with extensive magnetic and electromagnetic geophysical surveys, but decided against drilling.

The prospect was re-examined by A. Raoul of the Kenora Resident Geologist Office, MNDM, in 2005 who concluded that the absence of a strong geophysical conductor did not preclude the possibility of copper-nickel sulphide deposits, the implication being that drilling is warranted.

 

Although this is a departure from Gold Summit’s principal gold and silver exploration in Nevada, Dr A. P. Taylor, President and CEO commented: “This presented itself as a good opportunity to drill an untested target for valuable nickel copper sulphide mineralization

in mafic greenstone rocks that I worked on extensively in Western Australia during the nickel boom of the late 1960’s and was the subject of my Doctoral thesis work”.

 

GSM plans field work, including drilling, in 2008. The agreement, with English Prospecting Services on behalf of Rubicon Minerals Corporation, requires option payments totalling $70,000 and the issue of 100,000 GSM shares over a period of four years and is subject to a 2% NSR royalty and first right of refusal to buy down the royalty to a 1% NSR.

GSM explores mostly in the United States for high grade, gold or gold/silver deposits that would support underground, low cash cost operations. GSM’s primary properties,totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada, three of which lie in the Walker Lane. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. A fifth property is a sedimentary hosted target located north of the Reese River silver district in central

Nevada.

[jaguar2001]

Superb video as explained below. This was in connection with a Gold Play which I do not own - Piedmont Mining, but am hoping that Gold Summit can replicate their success.

 

Originally posted by tooclassy:

 

Video: http://piedmontmining.com/video.asp

 

Dr. Barry has led a group and his subscribers which has moved Gold Summit (TSX-V: GSM) look-alike Piedmont Mining (OTC: PIED) from .10 to about .30 and we hope it will climb from here. Both GSM and PIED focus on Nevada gold exploration.

 

This video with Dr. Barry discusses the concept of "discovery investing" and I think covers some important points. While his focus is not on GSM, the first 25 minutes of this video are can be applied to GSM and why we own it. Piedmont Mining president Robert Shields talks during the rest of the video and it would be interesting to compare his approach to Piedmont with Tony Taylor's approach to Gold Summit. Shields also discusses the uniqueness of Nevada as a place to explore for gold, and that of course is applicable to Gold Summit's Nevada projects.

[jaguar2001]

 

 

http://www.ceoclips.com/media/gold_summit.asx

 

 

Seems to be from mid-December – Tony Taylor talking about Gold Summit as part of a Company Execs On-Line Presentation. After this, there are a number of other CEOs giving presentations – fascinating stuff.

 

Am happy that I have a major position in this company and look forward to more drilling/ results in 2008. We “know” that there’s Gold at Monte Christo – just a matter of when it will be found. And Monte Christo could be even bigger than the Comstock. (GSM currently have around 100,000 ozs at the McLean Lode – just a tiny part of the property)

 

As mentioned earlier “The discovery of the ‘Comstock Lode’ in the American West in 1859”... created the dawn of a new era scientifically, economically, and socially.” Using the technology of the era — which would be considered archaic today — this belt ultimately produced some 8.0 million ounces of gold and provided the cash flow that funded the rebuilding of San Francisco after one of history’s most spectacular earthquakes tore it apart”

[jaguar2001]

Gold Summit (GSM on TSX-V) signing JV which will give them the ability to get some serious drilling done on their Monte Christo Project.

 

“many geological similarities to the Comstock Lode system that produced approximately 8 million ounces of gold and over 200 million ounces of silver”

 

http://www.bethlehemmining.com (IBC on TSX-V)

 

http://www.goldsummitcorp.com/_resources/2008_01_30.pdf

 

GOLD SUMMIT AND INTERNATIONAL BETHLEHEM MINING AGREE TO EXPLORE MONTE CRISTO

 

/FSC/ - Gold Summit Corporation (GSM - TSX Venture), ('GSM') has signed a Letter of Intent (the 'Agreement') with International Bethlehem Mining Corporation ('IBMC') for that company to acquire up to a 50% interest in Gold Summit's Monte Cristo property in Nevada.

 

The Agreement gives IBMC the right to earn up to a 50% interest in the Monte Cristo Property by incurring $3 million in exploration expenditures over four years and issuing a total 600,000 common shares in three stages. IBMC has the right to acquire a 25% interest after expenditures of $1.5 million and issuing 400,000 common shares. IBMC also has the right to accelerate work payments and share issuances if initial exploration results are favourable. The Agreement is subject to regulatory approval and completion of a definitive agreement.

 

The Monte Cristo Property consists of 337 unpatented lode mining claims, an area of approximately 2,677 hectares (7,500 acres) covering an 11 km north-northeast trending fault zone in Tertiary volcanic rocks. Along the trend, GSM has identified numerous geological and geochemical drill targets.

 

Currently, the most significant target is the McLean Lode, with a NI 43-101 inferred resource of 331,000 tonnes averaging 6.5 g/t gold and 20 g/t silver. GSM believes that the McLean Lode may lie within a much larger gold/silver bearing zone with many geological similarities to the Comstock Lode system that produced approximately 8 million ounces of gold and over 200 million ounces of silver.

 

Gold Summit anticipates receipt of a Plan of Operations permit in early February and drilling is currently planned to expand both the size of the McLean Lode and to test several of the better drill targets along the whole Monte Cristo mineralized trend.

 

Under the terms of the Agreement, Gold Summit will be the operator for the exploration work with budgets and programmes subject to International Bethlehem Mining's review and approval.

 

Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. A fifth property is a sedimentary hosted target located north of the Reese River silver district in central Nevada.

 

In conjunction with Astral Mining Company, GSM is also exploring greenstone gold systems in island arc rocks in two areas of the Carolina Slate Belt. Drilling of a new gold target in North Carolina and additional drilling of a vein system discovered at Saluda in South Carolina by the partners in 2007 is expected to begin in mid February.

 

For further information, contact Hillary Vonich at (775) 284-7200 or visit our web site at www.goldsummitcorp.com.

[jaguar2001]

from tooclassy

 

New J/V at Monte Cristo is the first but not the last of the J/Vs that Gold Summit (GSM on the Toronto Venture exchange) will sign up in Nevada.

 

On December 6th I wrote here that GSM had been approached by various companies to do J/Vs on GSM's properties. It looks like progress has been made on this since that time. The J/V at Monte Cristo is the first and most important of these J/Vs but not the last one.

 

In fact, GSM is now starting to employ the joint venture business model that has other companies spending their money, not GSM's money, to further exploration progress. This minimizes dilution and raises the odds for success. This model has been employed by other fine exploration companies such as Auex (Ron Parratt) and Miranda Exploration (Ken Cunningham), so GSM and its president Tony Taylor are in fine company. GSM needs to sign up more J/Vs, and rumor has it that another J/V may be finalized shortly. It looks like GSM is doing the right things that will ultimately increase shareholder value (the stock price).

[jaguar2001]

http://www.objectivecapital.com/c/ocuk/art...263.asp?oid=MA2

 

Gold Summit (GSM.V) - partners Monte Cristo property with International Bethlehem

 

Comment by Objective Capital , Jan 31, 2008

Questions? Contact our analyst

 

 

Monte Cristo LOI agreement

The agreement gives International Bethlehem Mining Corporation the right to earn up to a fifty percent interest in the Monte Cristo property by spending US$3 million in exploration over four years and issuing 600,000 common shares. IBMC has the right to acquire a 25 percent interest for US$1.5 million in exploration expenditure and issuing 400,000 shares. If exploration results are favourable, International Bethlehem has the right to accelerate payments and share issuances.

 

To date, Gold Summit has established an NI 43-101 inferred resource of 331,000 tonnes averaging 6.5 grams per tonne of gold and twenty grams per tonne of silver for around 80,000 ounces of contained gold and gold equivalent resources. This resource is in the vicinity of the McLean open pit. Gold Summit has identified several additional drill targets within the eleven-kilometre strike length of the structure.

 

Objective's view:

 

 

 

During last year, Gold Summit made slow progress at the Monte Cristo property, largely due to the inability to raise sufficient funds for their planned core drilling campaign. The company drilled 2,000 metres of reverse circulation drilling, concentrating on the Ohio Camp in the south of the property. Results showed that gold is widely dispersed in the volcanic host rocks, and not concentrated in veins.

 

This recent development provides a welcome financial boost and should enable Gold Summit to advance its exploration campaign, subject to receipt of a Plan of Operations permit, expected in early February. The programme is designed to expand the existing resource in the McLean lode and to test several of the better drill targets. Gold Summit will be the operator, with budgets and programmes subject to International Bethlehem’s review and approval.

 

Meanwhile, work is progressing on Gold Summit’s JV property, financed by Astral Mining. Core drilling is expected to start in mid-February on two gold targets, as reported in the press release dated 21 January.

 

Elsewhere, Gold Summit has been successful in raising funds for its newly optioned Burning Lake nickel-copper deposit in Ontario. This is a different direction from the high-grade underground targets the company has been chasing in Nevada and the Carolinas, and will offer a more balanced portfolio for investors.

 

Gold Summit remains confident in the potential of the Monte Cristo property, comparing it to the historic Comstock Lode. Clearly the delays and rising industry costs will have taken their toll but gold price forecasts remain bullish. Against that background we view the agreement with International Bethlehem as a reasonable approach to enable the company to continue exploration.

[jaguar2001]

Reno, NV February 06, 2008

 

FSC / Press Release

 

 

GOLD SUMMIT AND ASTRAL START CAROLINA DRILLING

 

Reno, Nevada US, February 06, 2008 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), and Joint Venture partner Astral Mining Corporation, TSX-V AST, today started diamond drilling at the Bear Creek Prospect in North Carolina, testing a large gold in soil and rock chip anomaly approximately 400 metres long and 100 metres wide. Three core holes, totalling 1000 metres, are planned to drill across the NE trending anomaly to intersect un-weathered volcanic host rocks.

 

The anomaly is defined by rock chip grab sample assays between 500 and 800 ppb (0.5-0.8 g/t) gold with high of 6 g/t gold. Soil values range between 50 ppb and 200 ppb gold and compare favourably with the 60 ppb gold soil anomaly that defined the southern ore zone at Ridgeway, a 1.7 million ounce deposit in South Carolina discovered in 1980.

 

The drill rig will then move to the Saluda Prospect in South Carolina to drill down dip of high grade gold mineralization intersected last summer. Grades of 14.4 g/t, 7.8 g/t and 17.8 g/t gold over intersected widths of 2.16, 1.95 and 1.98 metres, respectively, were reported from shallow-dipping, massive quartz veins hosted by island arc volcanic and sedimentary rocks.

 

A consultant to the Carolina Joint Venture, Ronald D McDaniel, BSc., MSc., a registered Professional Geologist in the State of North Carolina is designated as the "Qualified Person" supervising the technical work under National Instrument 43-101 guidelines.

 

The GSM/Astral joint venture allows Astral to acquire a 51 % interest in any property within the Saluda Area and the Bear Creek Area in North Carolina after expenditures of US $300,000. Thereafter, Astral may earn a 70% interest in a designated prospect by completing a feasibility study. An 80% interest can subsequently be earned by placing a mine into production.

 

Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. Recently, GSM signed a letter of intent with International Bethlehem Mining Company to form a joint venture to explore the large Monte Cristo property.

[jaguar2001]

this is gonna be GSM's year!

 

GSM finding it fairly easy to raise new funds…

 

http://www.goldsummitcorp.com/_resources/p.../2008_02_11.pdf

 

GOLD SUMMIT CLOSES $308,060 FINANCING

Gold Summit Corporation (TSX-V GSM) has completed a $308,060 non-brokered private placement by issuing 2,464,480 Units at a price of $0.125 per Unit. Each Unit consists of one common share and one common share purchase warrant exercisable for 24 months at a price of $0.25 per share. GSM previously announced that the financing would raise up to $300,000, however it was oversubscribed and closed with gross proceeds of $308,060. The common shares and warrants are subject to resale restrictions until 4 months and a day from the closing date. No fees were paid in connection with this financing. The private placement is subject to the final approval of the TSX VentureExchange.

 

GSM intends to use the funds of the private placement for general corporate purposes and continuing exploration work on its gold properties in Nevada and North and South Carolina.

 

Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM’s primary properties, totalling 42 km2, cover four Tertiary epithermal vein districts in Nevada.

 

All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. Recently, GSM signed a letter of intent with International Bethlehem Mining Company to form a joint venture to explore the large Monte Cristo property.

 

In conjunction with joint venture partner, Astral Mining Company, GSM is also exploring two gold properties in the Carolina Slate belt where drilling is currently in progress.

[jaguar2001]

And last historical post from dfergu7477

 

Today was unusual for GSM. There have only been four trading days since mid-August (or, over six months) on which the volume has exceeded 200,000 shares. Today was one of them--267,500 traded. What's interesting is that that volume--as rare as it is--represented just $34,000. Here's the key: this stock is so thinly held and so depressed that $34,000 moved up the ask by 22.7%.

 

THAT begs the question: What happens if GSM hits anything at all with their upcoming drilling? The thing is that GSM now has the best chance EVER of hitting something, because they finally have funding for Monte Cristo (MC).

 

So, here's where we might be with this stock. Because of the past, most investors have given up on GSM. Even as the gold price marched up into the $900s, GSM's stock went DOWN. Now, at its nadir, when it is the most unloved and investors couldn't care less about the company, the prospects were/are the BEST because the company finally has the funding to find more gold. And still the stock sat still.

 

A few folks not only still believed, but invested more. International Bethlehem CLEARLY believes, as they are committing $3,000,000 (which is 1/88 of today's dollar volume) to drill MC. And that much gets them HALF the value of MC in a JV. I was lucky enough to get more units in the recent PP, which was oversubscribed. As it turned out, Pinetree was a big investor and wanted more, too.

 

So, here we are. At the darkest moments based on immediate past, the stock foundered. But some relatively big boys--Pinetree and International Bethlehem--took advantage. Now, it's up to individual investors to decide if they want to get on for the ride, too.

 

Every investment is a balance of risk and reward. I think the risk is pretty much already priced into the stock; GSM's properties are too good for the stock to go to zero (especially with a rising gold price). I suppose the stock could gradually grind down again if they don't find more gold.

 

Conversely, I think the reward is potentially stupifying. At this price, I'm taking that risk. I don't have all my portfolio in the stock, but I have a meaningful chunk (over 10%) allocated to GSM shares. I look forward to the day when the REALLY big boys move into this stock. What a ride that will be.

 

GLTA!

[jerpy]

Crikey jaguar, i'm going to have to read this all weekend and some, but i did say you should post more!

 

I'm interested and will ask questions, my first instinct on reading is bomb out potential, second is timing similar to your comments on MGU, they were cheap at $.20, but having watched a few weeks are even cheaper at $.15!

 

Thanks and reading on.

 

Riggers

[jaguar2001]

And now for the first NEW POST:

 

Understand that GSM have a rig lined up and may be drilling at Monte Cristo before month end.

 

This further drilling may be at the Mclean Pit where GSM already have a 43-101 resource.

 

Anticipate that announcement regarding drilling may see the stock taking further runs. And as dferfgu7477 has said, just imagine what will happened if they find more gold and silver. Pinetree are certainly confident and have increased their holding as tooclassy has pointed out.

 

As explained in earlier press release

 

http://www.goldsummitcorp.com/news/2007/in...;content_id=119

 

“west of the Mclean Pit...........has an inferred resource estimate of 365,000 tons at a grade pf 0.19 ounce per ton gold and .60 ounce per ton silver at a cut off grade of0.1 ounce per ton gold”

 

And yes that is 70,000 ozs Gold and 200,000 ozs. silver.

 

Tony Taylor, CEO, has said that “It is our belief, based on science and geology” explains Taylor, “that we may potentially have found the new ‘Comstock’. These are what the industry calls ‘bonanza’ targets with very significant upside potential. Specifically, we are looking at orebodies which tend to be oval-shaped — which is unusual — and which have one long, common axis. Our early find at Monte Cristo is 70,000 ounces currently, but the excitement is really the geology. Our ‘shoots’ at Monte Cristo — that’s mining terminology — are very similar to the original Comstock shoots from the 1800s. They suggest very rich zones of concentrated mineralization.”

 

From the Hume Report

 

http://www.goldsummitcorp.com/_resources/m...tsinglreoct.pdf

[jaguar2001]

Well done GSM -other peoples money is going to be spent drilling the San Francisco Property.

 

But the real excitement is coming soon – drilling of the flag-ship Monte Christo property should start soon.

 

“Recently, GSM signed a letter of intent with International Bethlehem Mining Company to form a joint venture to explore the large Monte Cristo property. GSM has received the Plan of Operations Permit from the BLM that will allow drilling to start at Monte Cristo as soon as the definitive JV agreement is signed. Meanwhile, the partners are discussing targets and budgets”

 

http://www.usetdas.com/TDAS/NewsArticle.aspx?NewsID=10776

 

GOLD SUMMIT OPTIONS SAN FRANCISCO PROSPECT TO NEW DIMENSION RESOURCES

 

Reno, Nevada US, February 28, 2008 /FSC/ - Gold Summit Corporation (GSM - TSX Venture), announces that it has signed an option agreement with New Dimension Resources Ltd (TSX-V NDR) whereby Dimension Resources (USA) Inc., a wholly owned subsidiary, may earn an initial 51% interest in the San Francisco Project from Gold Summit by spending US$350,000 over a three year period. Subsequently it may increase its interest to 61% by spending an additional $1.3 million over three years and further increase to a 75% interest with the completion of a Scoping Study. The agreement is subject to board and regulatory approval.

 

The San Francisco claims cover the source area of one of the most prominent gold-arsenic-antimony-silver stream sediment anomalies in central Nevada. The area is also the intersection of pronounced northwest and northeast linear trends that control the anomalous drainage pattern evident on published USGS data. These factors, plus the wide-spread occurrence of veins, structural zones and small altered intrusive dykes and plugs that carry highly anomalous gold and silver values, strongly suggest that a large mineralized system underlies the area. Once weather conditions allow, New Dimension plans a detailed surface mapping and sampling program on the San Francisco claims to select potential drill targets.

 

The San Francisco claims adjoin New Dimension's Reese River Project where significant historic silver production came from veins and breccias concentrated at or near the contact between older sediments and younger intrusive rocks. These provide a very attractive exploration target that extends northerly into the San Francisco claims; an important area to test down dip potential. New Dimension recently identified a gold target where one metre chip samples from isolated outcrops, exposed through cover, assayed 9.83 and 4.83 g/t gold.

 

New Dimension has submitted a Plan of Operation to the U.S. Forest Service for its planned 2008 drill programs and this plan will be modified to include possible drill targets identified on the San Francisco claims.

 

Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 km2, cover four Tertiary epithermal vein districts in Nevada. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes.

 

Recently, GSM signed a letter of intent with International Bethlehem Mining Company to form a joint venture to explore the large Monte Cristo property. GSM has received the Plan of Operations Permit from the BLM that will allow drilling to start at Monte Cristo as soon as the definitive JV agreement is signed. Meanwhile, the partners are discussing targets and budgets.

 

In conjunction with joint venture partner, Astral Mining Company, GSM is exploring two gold properties in the Carolina Slate belt. At the Bear Creek area in North Carolina drilling is currently in progress testing a large gold soil anomaly. Drilling is also planned at the Saluda property in South Carolina where high grade gold values in quartz veins were intersected in 2007.

[Kickstart]

Very low market Cap for a domestic explorer, I have have recently bought a decent amount of GSM in their placing last year. They have a very experienced team and the deals they are doing should help them get on track for some great results over the next year. An exciting company IMOP with tiny market cap.